If you have heard of the 80/20 principle, you know how many areas of life it can apply to. Today I am directing how the 80/20 principle applies to how I made my first million dollars in business. If you want to know how I have made over 1 million dollars, keep watching.
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If you've spent any time around me at All online or off then you probably know What a numbers nerd I am honestly I just Love math and I'm not ashamed to say so I love doing experiments and then Analyzing the data of the experiment to Figure out why I got the results that I Did now when it comes to having made my First million dollars of course there Were a whole lot of things that I did That went into earning that money please Tell me but something I've been thinking About lately is the 80 20 principle and How that means that out of all those Things I did only 20 of them earned me 80 of that money or contributed to 80 of That success if you're not familiar with The 80 20 principle it's essentially an Observed law of nature that says that Typically 80 percent of results come From 20 of the efforts let me say that Again 80 of your results come from 20 of The efforts you put in and also just Incidentally the inverse of that is true Well meaning that eighty percent of the Effort that you put in contributes only Twenty percent of the results recently Forbes shared some examples of how this Plays out in the real world typically Only 20 percent of Manufacturers Supply About 80 percent of the demand 20 of Sales reps normally generate about 80 Percent of the sales and twenty percent Of customers account for about eighty
Percent of most businesses profits and Then just for fun here are a few Non-business ones most people spend About eighty percent of their time in About 20 percent of their house if you Use cookbooks to make dinner then eighty Percent of the meals that you cook out Of those cookbooks probably come from 20 Or even less of the cookbooks and then For most of us eighty percent of what we Wear is just twenty percent of our Wardrobes and so thinking about this Left me wondering what were those 20 of The efforts that made 80 percent of the Results of earn earning my first million And that's what I'm going to share with You in today's video [Music] Okay so you know what would be an Awesome way to make a lot of money if You built a gym and then you marketed That gym and you got a whole bunch of Members who were paying you dues every Single month there's just one problem That would be really expensive right you Would have to have a ton of capital to Make that happen so it's probably kind Of out of the question right now as far As a strategy to make a million dollars But what if I told you there was a way That you could use this exact same Business model to make a ton of money Without having to have that huge expense Of actually building the gym tell me
Your secrets well that's basically what A membership site is a membership Website it's a website where people pay To be a member so that they have access To your content and here's the thing Creating a website and creating the Content for that website is way easier And way cheaper than building something Physical like a gym just like with a gym You're giving people a place they can Access for a fee so that they can Exercise it's just this is to exercise Their Minds instead of to exercise their Bodies at a membership site like this is Exactly how I earned a very large part Of my first million dollars in fact over Half of it if you want to hear the whole Story of how I set up my membership site And got my first members and turned it Into a ten thousand dollar a month Revenue stream then check out that video Right there that I made a few weeks ago Most businesses make most of their money By selling products but typically they Have to go through an expensive and Complex and time consuming manufacturing Process for every single unit that they Want to create and sell now online Courses on the other hand they overcome A lot of this problem you can create an Online course one time and then you can Sell it to literally thousands of people Without having to ever manufacture it Again however you will have to sell it
Over and over again making that income Not passive unless you set up some sort Of automated process to sell it as well We'll talk more about that in a few Minutes but right now I'm focused on the Product Evergreen courses online Evergreen courses they earned me a Significant amount of that first million Dollars and I have to say though that at First they were not successful I created Several courses and tried to sell them And did not sell a single unit so here Are three things that I changed that Made these courses start making me a Whole lot more money first I beta tested A bunch of different ideas until I found A winner until I found a course idea That there was actually demand for Second I realized that people couldn't Buy my courses if they'd never even Heard of my courses or heard of me and So I focus on getting more visibility to Generate more leads to actually sell to And then third is I built that sales Process again we'll talk more about that In a few minutes but you can't sell Anything courses or any other sort of Product unless you have some sort of Working sales process that does that and If you really want to go deep on that Part of things then there's the video up There in the corner that breaks down one Of my most profitable funnels I go Behind the scenes I show you how the
Whole thing works so if you want to kind Of spy on one of my funnels then that's The video for you there's this principle In marketing that is completely wrong And it goes like this build a better Mousetrap and the world will beat its Path to your door so basically what this Means is if you make something awesome Enough and something that people want And need then people will seek you out People will find it and they will buy it From you and that's just not the case There is so much noise in the world Today that people are really distracted And they have a lot of trouble finding Things that they want need and even are Looking for and if they don't know your Product exists they probably won't even Be looking for it so in order to make Money you have to somehow Market Whatever you are selling and that was of Course the case for my first million Dollars in order to sell that membership Site in order to sell those Evergreen Courses I had to have some sort of sales Vehicle I'd have some sort of method of Telling people about those things and One of the main strategies I used was Email marketing there are people who say Email marketing is dead but it's just Not true I've been using email marketing For the last five years or so and that Entire time my open rates have not Gotten any worse in fact they're at an
All-time high currently my click-through Rates have been great and I've continued To make sales using email marketing if You're looking for a crash course on how To start your own online business and Turn it into a profitable success then Just head to gillianfurkins.com 101 I have a free course called small Business 101 that I would love to give You access to if you are an entrepreneur Or an inspiring entrepreneur and you Want to learn the basics again that's Gillianperkins.com 101 and the course is Completely free webinars have been one Of the main ways I have sold my products And they have earned me hundreds of Thousands of dollars but I have to say That my first experiences with webinars Were not great honestly I encountered Some really slimy webinars if you've Been there you know where people were Selling really hard where they were Being very manipulative where they were Charging ridiculously absorbent prices And they come and offer they can't Refuse for digital products which is Just not necessary and I got sucked in Really fast because I wanted what they Were selling I wanted the dream they Were selling and I was really naive so When it came time to finally sell my Products I knew two things one I knew That webinars work I knew that they had Gotten me to hand over hard-earned money
Right they were working well for Persuading me to buy but I also knew That I did not want to have anything to Do with these very manipulative selling Tactics and pressuring people to buy so I wondered if there was a better way and Sure enough there is because it turns Out if someone has a problem and you Help them start to solve their problem And you prove that you know how to solve The rest of their problem then they are More than happy to hire you or to Purchase your product to solve their Problem and you don't have to be Manipulative about it you just have to Help them a little and then give them The opportunity to buy a product that Will help them even more help them Finish solving their problem and that Has been my guiding philosophy with my Webinars to use common sense to treat People like humans to give them some Help for free so that they want even More of my help I mean imagine this Scenario you've got some sort of problem You tell your friend about it and they Happen to have read a book recently that Deals with exactly that issue so they Tell you a little bit about what the Book is about and some things they Learned from it and you find those ideas Helpful so what do you do well you go Out there and you buy the book because You want the rest of the package you
Want the rest of the information you Want to figure out how to completely Solve your problem and you don't Begrudge your friend or feel like your Friend was a slimy salesman just because They told you about this book that could Help you we love it when people clue Us In on products that can help us and I Want to do that with any sort of webinar Or sales presentation I ever do I just Want to tell people about resources that They could use to solve their problems Now Sales Systems like these they're Like a vehicle that you could drive to Earning your first million dollars but Here's the thing they only work if you Have fuel in a vehicle if not they're Not going to take you anywhere so you Have to figure out a way to put the fuel In the vehicle and with a sales system What that looks like is sending traffic And leads into your sales funnel so that Your sales funnel can convert that Traffic and those leads into sales and Into Cash that you're earning now for For me the strategy that took me to a Million dollars and Beyond was YouTube Making videos here on YouTube has Allowed me to get in front of 30 million Plus people and a large number of those People have ended up becoming leads for My business and then getting converted Into customers which means that I made Money I've tried plenty of other
Strategies but YouTube has been the one That's proven to work the best for me And just as a nice little bonus YouTube Also pays me directly for the ads that Run on my videos in addition to the Money that I make from the leads that I Attract with the videos and they pay me Pretty well to the tune of about a Hundred thousand dollars a year which Never hurts Thank you so much for being here for Today's video if you want to support my Channel then you can do so by Subscribing which is also going to help You out by giving you access to my next Video and the next video after that and After that because I post new videos Like this every single week and if You're already subscribed first of all Thank you so much and second you can Support the channel even a little bit More by turning that like button down Below blue which will give this video a Little boost in the YouTube algorithm Thank you so much for watching and for Sticking around all the way to the end I Love you I hope you're having an amazing Week and I'll be back again next week With another one